Aromatherapy is becoming extremely popular across the world. Aromatherapy products include diffusers and essential oils. These aromatherapy products can be found easily at retail stores and online e-commerce website. Spa and Massage parlors across the world use Diffuser and Essential oils. Aromatherapy offers a relaxing experience primarily because of the natural smell. People also use essential oils in face packs as well as handmade soaps. Most common essential oils in the US and international markets are Lavender, Geranium, Eucalyptus, Chamomile, Tea Tree, Peppermint, Lemon, Rosemary, Bergamot, Clary Sage, Sweet orange, Ylang Ylang, Frankincense, Grapefruit, Rose, Ginger, Patchouli, Vetiver, Marjoram, Immortelle and Black Pepper.
As per Research and Markets. The International market for Aromatherapy is expected to reach 8213.1 Million USD by the year 2024. The top companies that are dominating the market are Young living, Mountain Rose Herbs, and Edens Garden, etc.
Benefits of Aromatherapy
Different websites claim different benefits of aromatherapy. Based on the analysis of multiple sites the most appropriate benefit of aromatherapy is pleasing feel and mood upliftment. People may feel uplifted and joyful because of the aroma around them. Having said that there are many products in the market claiming health benefits. Unfortunately, it’s hard to verify whether these claims are correct or not.
Why Aromatherapy Merchant Account may sometimes be considered High Risk?
Aromatherapy merchant accounts may be considered high risk. Aromatherapy Merchant Accounts or Essential Oil Merchant Accounts can be hard to get approved for sometimes. There are multiple reasons why Credit Card processing companies sometimes do not like to work in this industry. If the merchant has obtained the proper business licenses and government agencies approve the product as a certified Essential oil or certified Aroma diffuser then the possibility of getting a merchant account increases.
In the world of global trade, essential oils are majorly being imported from economies like China and India. The biggest consumer of expensive essential oil is still Europe and North America. Sometimes the products that are sourced for emerging economies may not be backed by quality certification. These non-certified products create a challenge for the Credit Card processing company regarding approval.
If you sell essential oils and diffusers online and your merchant account application has been declined multiple times by domestic payment processing companies then it’s probably the right time for you to get a high risk moto merchant account .Many Offshore payment gateway companies for offer merchant accounts to merchants from few Industries that are considered high risk. Please keep in mind that offshore payment processing companies cannot approve every application. Even high risk merchant account providers have to follow all the relevant regulations and guidelines. If you as a merchant qualify for an online merchant account, then you must implement the best practices to reduce the risk of losing the account.
As a merchant, you should avoid selling products that are not certified. You should also not claim something that is not proven. Claiming that your product offers health benefit without any established proof can create challenges for the approval of your merchant account.
Selling Aromatherapy products online and instore
Aromatherapy products including essential oils and diffusers are sold worldwide by using the online shopping portals and POS Terminals. If you are running a retail aromatherapy store, then the best option for you would be to accept credit card payment by using a point of sale terminals or POS machine(Credit Card Swipe Machine). Many aromatherapy retail stores in America and Europe also sell their products online through their business website. When you apply for an online merchant account for your aromatherapy business, you must keep a couple of things in mind.
Website compliance for Aromatherapy Merchant Account
- The website must have an SSL certificate.
- All product should be clearly listed on your website. Please do not mention anything that cannot be verified.
- Add detailed description of each product and also mention the composition.
- If products have variations like dimension, weight or color then mention it in the product description section.
- Customer service email and phone number should be displayed on the contact us page of your website.
- If you sell to customers in the European Union then you must follow the latest GDPR guidelines
- To improve the chances of your approval you should also update your social media pages.
- If you already accepting transactions by using any other mode of payment processing like Paypal, Stripe, echeck or ach then you must provide the processing statement to the new merchant account provider. This can help you in getting approved and may also help in getting better rates.
- If your essential oils are USDA Certified Organic then kindly ensure that this information is present on your website as well as on each product that is certified.
Chargebacks and Aromatherapy
Just like any other high risk Industry aromatherapy Industry may also attract high chargebacks. This is also a reason why domestic merchant account providers might not be interested in onboarding businesses from this industry. As a responsible business owner, you must ensure to implement the best practices that can help you in reducing your chargeback ratio. The chargeback ratio should not cross beyond the approved limit prescribed by your payment service provider. There are multiple ways to reduce chargebacks. These simple steps can help you in keeping your Aromatherapy Merchant Account live for a long time.
- Offer high-quality products. If you are selling cheap or inferior products then the chances are that your customer will come back to you and ask for a refund. If you sell high-quality products then the cost of the product may be high but the customer retention will also be high.
- Do not over-claim. Many website claim multiple health benefits of aromatherapy. Unfortunately, many of these claims may not be verified. Giving false information to the buyer can create future chargebacks.
- Try to evaluate services like chargeback alerts and chargeback insurance. These products can help you in reducing the chargeback ratio.
- Apart from credit and debit card processing try to use alternative modes of payment processing as well. You can use ACH payment processing or echeck payment processing for your aromatherapy business.
- Ship the product immediately after order confirmation. Delayed shipping is one of the key factors of disputes and charge backs. Without wasting time right after the confirmation of the order initiate the shipping process. Customers like to get the products on time.
AROMATHERAPY – Merchant Account Application
When you apply for a motion account for your aromatherapy business the acquiring bank or the payment service provider will ask you to fill a merchant account application. This merchant account application is usually 2-3 page form. You as a merchant are required to mention vital details related to your business and your business model. On the application form, you can mention the details of your business that includes Legal Business name, DBA, Business location and contact details. Apart from these details, you will also have to mention the details about the stakeholders in the company. Most of the times if the stakeholder has over 25% share in the company then that stakeholder will be considered a major stakeholder. You will be asked to mention details of all major stakeholders of a company.
Other required details include
- Minimum ticket size.
- Maximum ticket size
- Monthly sales volume
- Number of tickets every month. Try to mention the most accurate details so that the payment processing company can analyse the correct sales and risk forecast. Do not over commit. Keep in mind that sometimes payment processors may decline the application if the monthly projection is very high and your credit score is bad.
Merchant account acquiring company or acquiring banks may also ask for the preferred mode of payment acceptance. Preferred cards that you wish to accept. Sometimes these payment processing companies will also ask you if you have the technical expertise to integrate the gateway to your business website. Even if you don’t have the technical expertise most of the times payment gateway companies will offer free assistance for integration.
Quarapay Advantages for AROMATHERAPY Merchant accounts
Quadrapay.com works with multiple payment processing companies across the globe. We work as an effective bridge between Merchants and payment processing companies. Genuine merchants who are struggling with getting a reliable payment processing solution are the ones who may get the most benefit from us. We will recommend you the most appropriate payment processing solution for your aromatherapy business. If everything works well you be getting a reliable aromatherapy merchant account that will help you to accept credit and debit card transactions on your website. We will be happy to introduce you to few reliable ACH payment processing companies and substitute check solutions. These alternative modes of payment processing can also help you in reducing your chargebacks on the card transactions to a huge extent.
To get more information about aromatherapy merchant account we request you to email us on [email protected]. Please also mention your business URL so that we may request a pre approval for the same. After getting the pre-approval for your website we will let you know about the next steps that need to be followed.